> Posted by Susy Cheston, Senior Advisor, CFI
In three days the Center for Financial Inclusion will unveil the FI2020 Progress Report. In it, we define progress made toward financial inclusion and make predictions about the most critical issues facing the industry.
This web-based report has been a year in the making, the result of FI2020’s monitoring of industry trends, interviews with experts, and an analysis of financial inclusion data from both the supply and demand side. We organized the report around the five areas identified in the 2013 Roadmap to Financial Inclusion: Addressing Customer Needs, Client Protection, Credit Reporting & Data, Financial Capability, and Technology.
Perhaps the most fun—and most debatable—aspect of the report is the rating we will reveal for each area, marking where we are on the road to financial inclusion along these five dimensions. The financial inclusion community around the world will have the opportunity to weigh in with their vote – and we expect there will be some disagreement with our opinions. We hope you will not only mark your own rating, but also leave comments with your views. Most of all, we hope this thought exercise will help focus all of our attention on how to close the gaps to get to a 10 in each area.
To offer a sneak preview of the content, I thought I would reveal how we rated progress made on client protection:
Why did we rate progress as a 5? The FI2020 Roadmap to Client Protection focuses on the three legs of the client protection stool: providers, regulators, and consumers. Right now, the stool is wobbling unevenly. Consumers are barely on the radar—but we are encouraged about the leadership of many regulators, and we have awarded the regulation area a cautiously optimistic 6 out of 10. (Read the report for examples of leading national regulators along with global bodies that are catching up to the innovators on the ground.) However, we do not see nearly as much progress in terms of providers taking responsibility for consumer protection, and have therefore awarded provider initiatives a paltry 3 out of 10. Showing optimism—if not good math—we will average these to a score of 5. We also take a look at client protection in the digital age, with a hat tip to some excellent recent resources from the Alliance for Financial Inclusion, CGAP, GIZ, GSMA, MicroSave, and the Smart Campaign, among others. But I’m getting ahead of myself….
We look forward to sharing the full progress report with you in just 72 hours … and until then we invite you to start thinking about what scores you will post to rank the world’s progress toward financial inclusion.
Have you read?